[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3066 Introduced in House (IH)]

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105th CONGRESS
  1st Session
                                H. R. 3066

  To amend the Truth in Lending Act to require 90 days notice before 
   changing the annual percentage rate of interest applicable on any 
credit card account or before changing the index used to determine such 
                     rate, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 13, 1997

   Mrs. Maloney of New York introduced the following bill; which was 
      referred to the Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Truth in Lending Act to require 90 days notice before 
   changing the annual percentage rate of interest applicable on any 
credit card account or before changing the index used to determine such 
                     rate, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credit Card Interest Rate Change 
Disclosure Act''.

SEC. 2. NOTICE REQUIRED.

    Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended 
by adding at the end the following new subsection:
    ``(h) Advance Notice of Increase in Interest Rate Required.--In the 
case of any credit card account under an open-end consumer credit 
plan--
            ``(1) no increase in any annual percentage rate of interest 
        (other than an increase due solely to a change in another rate 
        of interest to which such rate is indexed) applicable to any 
        outstanding balance of credit under such plan; and
            ``(2) no change in the index used to determine any such 
        annual percentage rate of interest,
may take effect before the end of the 90-day period beginning on the 
date notice of such increase or change in index is first provided to 
the consumer.''.